The central bank’s digital currency DCEP is about to be tested internally. What changes will happen to the blockchain landscape?

The central bank’s digital currency DCEP is about to be tested internally. What changes will happen to the blockchain landscape

In recent years, as blockchain technology has received widespread attention, my country’s development in blockchain technology research has also received great attention. As the central bank’s digital currency gradually “surfaces”. Recent reports on the central bank’s digital currency DCEP’s first batch of pilot work plans in China have also confirmed that the implementation of DCEP seems to have accelerated.

Earlier, media reports speculated that due to the impact of this year’s epidemic, the central bank’s digital currency may delay the research process. In early April, the central bank made it clear that it would unswervingly promote the research and development of legal digital currency. In mid-April, some staff from various district-level agencies and enterprises and institutions in Suzhou City will complete the installation of digital wallets for the central bank’s digital currency. In the salary payment in the next May, 50% of the transportation subsidies will be paid in the form of digital currency. into the staff member’s digital wallet. The official implementation of digital currency seems not far away.

DCEP is a new encrypted electronic currency system based on blockchain technology developed by our country. It has exactly the same attributes and functions as banknotes. In terms of management of DCEP, the central bank will adopt a “two-tier operation” model: that is, individuals and enterprises open digital wallets through commercial banks or commercial institutions. Like the current RMB, users can realize DCEP through bank cards on the mobile APP. exchange, that is to say, the central bank does not directly face users, but mainly implements the implementation of digital currency DCEP by managing commercial banks.

It is reported that the first batch of pilot projects for the central bank’s digital currency include the four major state-owned banks of Industry, Agriculture, China and Construction, the three major operators of China Mobile, China Unicom and China Telecom, as well as Alibaba and Tencent. The pilot is expected to be carried out in Suzhou, Xiongan, Chengdu, Shenzhen and other places, involving diverse scenarios such as transportation, medical care, transactions, and consumption. The internal beta wallets of several other major banks will also be opened one after another. All major operators are making efforts to seize the market, and we may see fierce competition in the future.

As the global layout accelerates, countries around the world have made varying degrees of progress in the research and design of central bank digital currencies. Sweden’s electronic krona has started testing, South Korea’s digital currency has been piloted, and countries such as the Philippines, France, and Japan have successively launched Announce the test plan or program for the central bank’s digital currency.

In terms of the blockchain industry, the launch and future use of central bank digital currency will bring huge changes to the existing financial payment market. At present, the application of blockchain technology has been oriented to many fields such as digital finance, Internet of Things, intelligent manufacturing, supply chain management, intelligent settlement, etc. The use of blockchain technology to innovate industrial models may become the focus of the next development of the industry.

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